Are you looking to take out a mortgage soon? Our Ontario Mortgage Payment Calculator can help you better understand what your payments may look like when you get a mortgage to buy a home. We just need a few details from you, and our tool will instantly provide you with an estimated monthly payment amount. You can test out different down payment and amortization scenarios, and also compare different variable and fixed mortgage rates.
If you are in the market to buy a new home, it is a good idea to use this this Mortgage Payment Calculator to determine what you can afford before you starting looking at Real Estate listings.
To use the calculator, start by entering the purchase price, and then select an amortization period and the mortgage rate. The calculator will automatically show you the four different monthly payments options, depending on the size of your down payment (5%, 10%, 15% and 20%). You can change the size of your down payment and the frequency of the payment to see how it will affect your regular payment. The mortgage payment calculator will also show you the best mortgage rates available in Ontario, but you also have the option to input a custom rate.
Our Ontario Mortgage Payment Calculator will also show you what your land transfer tax will be, and how much cash you will need for closing costs (approximate). You can also use this calculator to find your total monthly expenses (estimate), and see what your payments would be if mortgage rates go up.
The amortization period is the total length of time it will take to pay off a loan. Choosing the length of your amortization period is an important decision since it affects how much interest you will pay over the life of your mortgage. A shorter period will save you money as you’ll be paying less in interest costs over the life of your mortgage. If you choose a longer amortization period, your regular mortgage payment amount will be higher since more of your payment goes towards paying down your principal balance. However the longer amortization period will give you lower monthly payments and so this option appeals for more people. The downside to this is that more interest will be paid over time and you will be building equity in your home at a slower pace.